In June of 2016, the ECB has decided to commence the purchase of corporate bonds in the primary and secondary market. The ECB has published technical guidelines and a designated Q&A for the corporate sector purchase program (CSPP). One of the CSPP’s cornerstones is the restriction on the purchase of eligible assets in the sense of guideline ECB/2014/60. The main criteria for corporate bonds to be considered eligible assets are set out in this guideline. The ECB has issued, how- ever, further requirements for assets to be purchased under the CSPP. This article provides an overview on the requirements for eligible assets and focuses on the ECB’s additional requirements for corporate bonds.
Dr. Oliver Völkel, LL.M. in the periodical ÖBA 2016/8 on the question of corporate bonds being eligible assets under the ECB's corporate sector purchase program. You find the article in German under this link.